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it's the present
I expect many bands will be self-releasing their music because the record companies will find it increasingly difficult to make money.
I think $6/record could save the industry, but I don't know if packaging etc can be done for $2/copy such that it leaves a few bucks for everyone involved to split. (A little bit of something is a whole lot better than a lotta bit of nothing, eh.)
People really do like physical copies and I think we generally don't mind paying if it's really cheap. $18/record in the states is typical...and even at $12/record (sale prices)... people "get over" their good conscience and decide stealing it is better. Well, me anyway.
Labels serve a genuine purpose and function. If and how they'll adapt to the internet is really the $64K question....
direct contact with all your customers/fans and developing a large database in concert with that could really work in refining tour itineraries for instance or cementing media relationships etc
you might find for example that you have 300 fans in a small town that never gets gigs so instead of paying a promoter to organise that leg of your tour in the nearby standard large town venue you can promote your own tour right in the small town and get rid of all your advertising costs
there are probably lots of other ways to convert it into cash - applying for arts council grants, stipendiums, lottery money etc - and they still have a shop for merchandise, CDs and vinyl
looks good to me
But it could work well for some, as described above by Anschul. You're essentially building the label as the brand and could look to make your money through merch (with an appealing aesthetic), live revenues and perhaps a 'tips jar' policy.
If anyone's running a label purely as a hobby or sideline job where money isn't an issue, I think it's a really nice way to go about it
When I clicked on the link, a blank white page came up saying, simply, "error".